Administrators have been appointed at a construction firm hit by significant inflationary price increases.
S&I Groundworks, based in Burton upon Trent, provided groundwork services to UK housebuilders and boasted a turnover of £60 million in its last financial accounts.
As well as increases to prices for materials, fuel and wage costs, the company has also suffered due to material shortages and increased competition in the market for staff. Directors have attributed the issues to the Covid-19 pandemic and, more recently, the crisis in Ukraine.
Richard Cole and Stephen Kenny of KBL Advisory have been appointed as joint administrators.
A statement said: “Significant cashflow pressure as a consequence of cost inflation and economic uncertainty left the directors with no option but to place the company into administration.
“The directors are working closely with the joint administrators to realise the best outcome for all creditors.”
The company was founded in 2014 and also had an office in Knutsford, in Cheshire.